Nova is a world leading tidal energy company transforming the power of our seas into clean energy.
|Location||Edinburgh, United Kingdom|
|Sectors||Energy Mixed Digital/Non-Digital Mixed B2B/B2C|
|Incorporation date||1 May 2009|
- Installed world’s first offshore tidal array in 2016
- Won project for 15 tidal turbines in Canada in 2019
- World’s first baseload tidal power station with EV charging
- Secured £6.4m from Scottish National Investment Bank in 2021
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Nova Innovation is a world leading tidal energy company transforming the power of our seas into clean, predictable electricity.
The tide is one of the most powerful forces on Earth and an abundant source of renewable energy. Nova Innovation designs, builds, and operates subsea turbines that generate electricity from the flow of the tide. Our turbines have been powering homes, businesses and the grid since 2016.
The challenge for renewables is their intermittent nature – the sun doesn’t always shine, and the wind doesn’t always blow. By contrast, tidal energy is predictable – minutes, days, and years in advance.
Our tidal turbines sit on the seabed with no visual impact on the landscape. They do not affect shipping and are unaffected by storms. Nova’s turbines work in harmony with nature and marine life is free to move around them.
The climate emergency threatens our planet. By investing in tidal energy, you are helping to build a better, more sustainable world for future generations.
Substantial accomplishments to date
Nova was founded in 2010 and in 2016 installed the world’s first offshore tidal array in Shetland, Scotland. In 2018, Nova worked with Tesla to add energy storage to its tidal technology and created the world’s first baseload tidal power station. Nova continues to grow and is now expanding internationally. The timeline below illustrates Nova’s key achievements over the past two years.
Nova Innovation has won international recognition, including.
· 2017: Shell Springboard award for low-carbon innovation
· 2018: European Commission’s European SME of the year
· 2018: Outstanding Project Award at The Scottish Green Energy Awards
· 2020: Finalist for Innovation in the 2020 EU Citizen’s Award
· 2021: Finalist for Best Innovation in The Scottish Green Energy Awards
Nova Innovation generates revenue from manufacturing and installing tidal turbines. We generate recurring long-term income from their operation and maintenance. Additional revenue is generated from our knowledge and capabilities with smart energy systems.
We have been very successful in winning strategic funding which has accelerated cost reduction and growth. We have a proven track record for success and delivery, and are now winning commercial contracts internationally.
Tidal energy is already competitive with diesel generation and off-grid locations. By 2030 we believe we are on track to be cheaper than other fossil fuels and nuclear power.
Our international reach is expanding with projects across Europe, north America and south-east Asia. We continue to expand our manufacturing capacity to meet orders, helping to drive down costs and make tidal energy mainstream.
Nova secured £6.4 million of new investment from the Scottish National Investment Bank in September 2021. As well as attracting its first major institutional investor, Nova has received interest across the investment community.
To provide an opportunity for new investors to join us, Nova has created a share trade window through a secondary campaign. Initially £1 million of shares will be made available by a number of shareholders offering existing equity (3% on average). The share price of £29.59 for the offer is the same as the Scottish National Investment Bank’s investment.
Shares purchased through a secondary campaign are not EIS eligible. Nova has no plans to apply for EIS accreditation in the future.
The company has the following loans:
- £1,027,813 loan from the Scottish Investment Bank to be repaid by June 2025 in 8 equal instalments.
- £330,000 loan from IDETA to be repaid by Dec 2022 in 2 equal instalments.
Nova Innovation Ltd is a tidal energy company headquartered in Edinburgh, Scotland. As part of our ongoing growth and internationalisation we have set up a number of 100%-owned subsidiaries as outlined below.
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